Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system....

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Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May Cost Sales May 1 Beginning inventory 120 units $48,000 5 Sale 80 units $41,600 9 Purchase 40 units $17,600 13 Purchase 160 units $76,800 24 Sale 160 units $89,600 27 Sale 40 units $25.600 30 Purchase 60 units $31,680 (a1) (a2) CE (b) Which cost formula produced the higher gross margin (Round answers to 2 decimal places, eg 61.05%) Gross Margin Ratio FIFO Weighted average eTextbook and Media Save for Later % % produces the higher gross margin Attempts: 0 of 3used Submit Answer Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May Cost Sales May 1 Beginning inventory 120 units $48,000 5 Sale 80 units $41,600 9 Purchase 40 units $17,600 13 Purchase 160 units $76,800 24 Sale 160 units $89,600 27 Sale 40 units $25.600 30 Purchase 60 units $31,680 (a1) (a2) CE (b) Which cost formula produced the higher gross margin (Round answers to 2 decimal places, eg 61.05%) Gross Margin Ratio FIFO Weighted average eTextbook and Media Save for Later % % produces the higher gross margin Attempts: 0 of 3used Submit Answer